Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Walter Energy, Inc.
Saturday, March 17, 2012
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Walter Energy, Inc.06:00 EDT Saturday, March 17, 2012 LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP announces that all purchasers of the common stock of Walter Energy, Inc. (“Walter Energy” or the “Company”) (NYSE:WLT) between April 20, 2011 and September 21, 2011, inclusive (the “Class Period”), have until March 26, 2012 to file a motion with the Court to be appointed as Lead Plaintiff. The securities fraud class action lawsuit was filed in the United States District Court for the Northern District of Alabama. Walter Energy produces and exports metallurgical coal for electric utility and industrial customers in the United States. The Complaint alleges that defendants misrepresented or failed to disclose that: (1) the Company was experiencing so-called “squeeze” events in Alabama and lower coal transportation rates in Canada that significantly reduced the Company's coal production; (2) the Company's commitment to ship more than 700,000 tons of coal in the second quarter, at first quarter sales prices, would result in a material adverse effect on Walter Energy's second-quarter average sales prices and operating results; (3) the Company was experiencing a significant decline in its margins and profitability; and (4), based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's business and financial prospects during the Class Period. Any person or group who purchased Walter Energy common stock between April 20, 2011 and September 21, 2011 and suffered a loss may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than March 26, 2012. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at 310-201-9150, Toll Free at 888-773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg310-201-9150 or email@example.com